Royal Boskalis Westminster (Boskalis) and Kotug International have signed a letter of intent (LoI) to divest Kotug Smit Towage to Boluda Group (Boluda).

Under the LoI, the total enterprise value of Kotug Smit Towage is €300m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Through this transaction, Boskalis expects to receive around €90m in cash against its 50% holding in the Kotug Smit Towage joint venture (JV).

Established in 2016, the Kotug Smit Towage JV included 11 ports across the Netherlands, Belgium, Germany, and the UK at that time. Subsequently, the JV expanded its footprint to new ports.

The companies believe that further consolidation of the European harbour towage market will be beneficial.

Boluda established its tug boat business in 1920 in Spain. The company currently operates more than 230 vessels and holds a strong presence across the key ports of Europe, Africa, the Indian Ocean, and Latin America.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction is expected to bolster Boluda’s business further.

The LoI is expected to close in the second half of this year, subject to customary conditions, including due diligence and regulatory consent from all respective countries involved.

“The companies believe that further consolidation of the European harbour towage market will be beneficial.”

Royal Boskalis Westminster is a Dutch company that focuses on the dredging, maritime infrastructure and maritime services sectors businesses.

The company offers solutions to various infrastructural challenges across the maritime and coastal sectors.

It has more than 900 vessels and employs around 10,700 people.

Last month, Boskalis acquired a 62.5% majority stake in the United Arab Emirates (UAE) based Horizon Group.

Horizon Group is engaged in providing marine geophysical surveys and geotechnical services.